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Mon 30 Oct 2017 04:27 PM

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Dubai's biggest bank sees 15% rise in net profit

Emirates NBD Group CEO Shayne Nelson says margins have continued to improve throughout 2017, helped by rate rises

Dubai's biggest bank sees 15% rise in net profit

Emirates NBD, Dubai's biggest bank, said on Monday that net profit rose 15 percent to AED6.17 billion for the first nine months of 2017.

Net interest income improved 4 percent year-on-year due to loan growth and helped by a sustained improvement in margins, the bank said in a statement.

It added that operating performance was also supported by lower expenses and an improved cost of risk while the bank’s balance sheet continued to strengthen with stable credit quality and further improvements in capital and liquidity.

Total assets rose by 3 percent to AED461.1 billion compared to the end of 2016 while customer loans increase 5 percent to AED304.1 billion and customer deposits were up 4 percent at AED322.1 billion.

Group CEO Shayne Nelson said: “Margins have continued to improve throughout 2017, helped by rate rises and an improvement in funding costs.

"We continue to extend our international branch network and, following the opening of the branch in India, work continues on opening three more branches in Saudi Arabia.”

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